Financial news

• Legal & General looks set to weather Brexit storm

  28-06-2016 21:17
  
  Financial services group assumed 50% probability of leaving EU and is chaired by experienced former civil servantSir John Kingman has never chaired a public company, let alone been an important member of the FTSE 100 index, but suddenly his arrival at Legal & General looks inspired, or at least less of a gamble.Kingman was second permanent secretary at the Treasury and thus one of the country’s most senior civil servants. He should be a useful big brain for L&G’s board to cal
  
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• My Local shuts up to 90 stores as Store Twenty One pursues CVA

  28-06-2016 20:49
  
  More pain on high street as more than 1,000 My Local workers are let go and a similar number face uncertainty at Store Twenty OneThe high street has been hit by a fresh wave of job cuts as more than 1,200 shop workers were let go by convenience chain My Local and another 1,000 faced uncertainty after fashion chain Store Twenty One said it was trying to fend off store closures by asking landlords to accept lower rents.My Local, which is expected to go into administration today, has shut nearly 90
  
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• Expect fall in UK living standards and foreign investment, MPs hear

  28-06-2016 20:39
  
  Brexit budget plans need to be ditched in favour of higher public investment to prevent recession, say top economistsLiving standards are expected to fall as a result of the vote to quit the EU and foreign companies will be deterred from investing in Britain, according to economists appearing before a parliamentary committee.They called on the chancellor to ditch plans for a tough budget of tax rises and spending cuts in favour of higher public investment to prevent the UK sinking into recession
  
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• I never thought Chappell would run BHS, says man who facilitated his bid

  28-06-2016 19:37
  
  Ex-fraudster ‘unaware’ of behind the scenes role Chappell was playing, telling MPs that he ‘never thought in a million years’ he would run BHSThe man who introduced Dominic Chappell to Sir Philip Green, thereby facilitating the controversial takeover of BHS for £1, has said he “never thought in a million years” that Chappell would end up running the department store chain. Paul Sutton, who has a spent conviction for fraud in France, revealed to MPs in a
  
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• Ireland among countries most vulnerable to EU referendum shock

  28-06-2016 19:26
  
  Fitch ratings agency says Britain’s decision to leave the EU could lead to lower growth and higher unemployment in IrelandPound and shares rally after two days of record Brexit losses – business live
  Ireland is among the most vulnerable countries to a post-EU referendum shock, the credit ratings agency Fitch has warned.It said Britain’s decision to leave the EU could lead to lower growth and higher unemployment in Ireland. It could also lead to trade barriers between the close
  
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• Pound and shares rally after two days of record Brexit losses – as it happened

  28-06-2016 19:14
  
  FTSE 100 has clawed back Monday’s losses, after world markets suffer their biggest two-day falls in historyFitch: Ireland could be downgraded over BrexitBranson: Thousands and thousands of jobs to goOsborne: Taxes will go upShares recovering this morning$3tn lost in biggest two-day rout ever
  Introduction: UK loses AAA credit rating 6.14pm BSTThe volatility suffered by stock markets in recent days is unlikely to ease in the near future. The day saw a rebound following the sharp declines whi
  
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• Brexit joy for savers: EU Referendum vote could at last lift interest rates

  28-06-2016 18:18 via feedproxy.google.com
  
  LONG suffering savers could see interest rates for the first time in more than seven years after Britain's vote to Leave the European Union .
  
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• Carpetright shares shed nearly a fifth of value

  28-06-2016 18:13
  
  Retailer’s chief executive says already challenging conditions have been further complicated by result of EU referendumShares in Carpetright have shed almost a fifth of their value amid fears that uncertainty caused by Britain’s decision to leave the EU will hit high street spending.Investors were spooked after its chief executive, Wilf Walsh, said trading conditions had been more challenging in recent weeks and added: “The outlook has been further complicated by the outcome of
  
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• Shares stage recovery after referendum meltdown

  28-06-2016 18:11
  
  European stock markets claw back some of their losses on Tuesday, and sterling picks up for first time since Friday’s Brexit voteEuropean stock markets rallied in what analysts called a “dead cat bounce”, bringing some respite after the UK’s vote to leave the European Union wiped $3tn off global stocks.In their worst-ever rout, equity markets lost $2tn of their value on Friday, with a further $930bn wiped off on Monday whenthe UK was stripped of its last AAA credit rating
  
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• German regulator BaFin objects to a London HQ for merged exchanges

  28-06-2016 18:03
  
  Comments create additional hurdle to planned merger of Deutsche Börse and London Stock Exchange after Brexit voteGermany’s financial regulator has delivered a double blow to London, saying it could neither host the headquarters of a merged Deutsche Börse-London Stock Exchange after the UK leaves the EU, nor could it remain a centre for trading in euros.The head of the Federal Financial Supervisory Authority (BaFin), Felix Hufeld, said: “It is hard to imagine that the most i
  
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• Brexit BOOST: Leaving European Union to result in SURGE of tourism to Britain

  28-06-2016 17:59 via feedproxy.google.com
  
  BRITAIN'S economy is to get a huge boost from international tourism, thanks to the vote to leave the European Union.
  
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• Rolls-Royce reaffirms UK commitment post-Brexit

  28-06-2016 17:35 via feedproxy.google.com
  
  ROLLS-ROYCE has reaffirmed its commitment to the UK in the wake of the country's decision to exit the European Union, but warned that longer term assurances would depend on a post-Brexit deal.
  
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• How will Brexit affect YOUR bank balance? Advice on savings, mortgages, house prices

  28-06-2016 15:39 via feedproxy.google.com
  
  BRITONS are understandably worried about their personal finances in the wake of the Brexit vote. Here are answers to some of the most pressing questions.
  
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• Richard Branson: Virgin Group lost a third of value since Brexit vote - video

  28-06-2016 15:18
  
  Sir Richard Branson, founder and chairman of Virgin Group, said on Tuesday the company had lost about a third of its value since last week’s vote to leave the European Union. Speaking on ITV’s Good Morning Britain, he warned of recession unless the UK can signal to the rest of the world that they can take action. Photograph: Ken McKay/ITV Continue reading...
  
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• Siemens freezes new UK wind power investment following Brexit vote

  28-06-2016 15:13
  
  German energy firm will not make fresh plans until the UK’s European relationship becomes clearer, but existing manufacturing will not be affected Siemens is putting new wind power investment plans in the UK on hold due to uncertainty caused by last week’s Brexit vote, the Germany energy company has told the Guardian.A £310m manufacturing hub in Hull that employs 1,000 people will not be affected by the decision, and should still begin producing blades and assembling turbines n
  
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• UK's major supermarkets decline for first time this year

  28-06-2016 14:09
  
  Asda suffers biggest slump but discounters Aldi and Lidl continue to enjoy double-digit growthThe UK grocery market has fallen into decline for the first time this year as the performance of all four major supermarkets worsened.Asda’s sales slid by 5.9% – its worst performance on record and the biggest slump in the market. Tesco was the best of the major chains, with sales down 1.3% according to analysis from Kantar Worldpanel published on Tuesday. That compares with falls of 5.1% an
  
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• Rupert Grint sues HMRC for potential £1m tax refund

  28-06-2016 13:32
  
  Harry Potter star, who earned £24m from film franchise, could receive large reimbursement after contesting UK tax billRupert Grint, who starred as Ron Weasley in the Harry Potter films, is in court seeking a £1m refund from HMRC after tax officials blocked attempts to shield some of his earnings from the 50p rate of tax levied six years ago . Continue reading...
  
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• British retail sales slowed in run-up to EU referendum, says CBI

  28-06-2016 13:21
  
  Confederation of British Industry says balance of retailers saying sales rose minus those reporting drop fell to 4% from 7%British retail sales slowed in the run-up to the EU referendum, an industry survey has shown.A balance of UK retailers saying sales rose minus those who reported falling sales fell to 4% in June, down from 7% in May, according to the Confederation of British Industry’s latest snapshot of the retail sector (pdf). The survey was conducted between 26 May and 14 June &ndas
  
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• Richard Branson: investors pulling out of UK after Brexit vote

  28-06-2016 11:57
  
  Virgin billionaire says ‘thousands and thousands’ of jobs will be lost following the decision to leave the EUVirgin billionaire, Sir Richard Branson, says Chinese business partners are already pulling investment from the UK in the light of the EU referendum vote, and warned that “thousands of jobs will be lost”.Speaking at the final round of Voom, a competition for young entrepreneurs hoping to secure funding and support from Virgin, Branson warned that the business clima
  
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• UK firms say it's business as usual but Branson warns on recession

  28-06-2016 11:32
  
  Rolls-Royce, Legal & General, and RBS to reassure after Brexit vote, but Virgin boss says overseas investors are pulling outBritish companies are lining up to reassure staff and shareholders following the market turmoil sparked by the UK’s vote to leave the European Union, although Sir Richard Branson is warning that “thousands of jobs” have been put at risk.The Virgin Group founder said Chinese business partners were already pulling investment from the UK after the EU refe
  
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• Brexit recovery: Markets stabilise as pound REBOUNDS and FTSE 100 rises

  28-06-2016 11:21 via feedproxy.google.com
  
  MARKETS in Britain and Europe finally rallied from the Brexit fallout today, with the value of the pound rebounding and bank stocks up.
  
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• Brexit recovery: Markets stabilise as pound REBOUNDS and FTSE 100 fights back

  28-06-2016 11:21 via feedproxy.google.com
  
  MARKETS in Britain and Europe finally rallied from the Brexit fallout today, with the value of the pound rebounding and bank stocks up.
  
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• Shares in challenger bank Shawbrook plunge on loan irregularities

  28-06-2016 10:47
  
  Specialist lender stuns the market by saying it has uncovered a problem in its asset finance businessIrregularities uncovered in one of the operations of Shawbrook will knock the profits of the challenger bank and force it to take an unexpected £9m bad debt charge.The unscheduled trading statement stunned the market, sending shares in the group 26% lower when trading began, to 120p. Shawbrook shares had already been caught up in the market rout following the Brexit vote, losing 45% of thei
  
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• Barclays boss in new rallying cry for business leaders

  28-06-2016 10:29 via feedproxy.google.com
  
  THE head of an influential lobbying group has issued a rallying cry for business leaders and politicians to use Britain's exit from the European Union as a springboard to bolstering its status as a financial services powerhouse.
  
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• City News: Aston Martin, EasyJet, Foxtons

  28-06-2016 09:39 via feedproxy.google.com
  
  ASTON Martin drove deeper into the red last year as it stepped up investment in new vehicles and technology.
  
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• Brexit: Asian leaders ready stimulus packages after Britain's vote to leave EU

  28-06-2016 08:21
  
  Japan’s finance minister says calm returning but signals readiness to intervene over rising yen, while analysts point to signs a UK recession is being priced inBritain’s decision to leave the EU continued to reverberate around the financial markets as several Asian governments prepared stimulus packages and some analysts warned that global markets were bracing for a full-blown recession in the UK.Days after the UK referendum result wiped almost 8% off Japanese shares and sent the yen
  
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• Left almost speechless by a rapid refund from Ryanair

  28-06-2016 08:00
  
  Car hire and air fare were promptly refunded when I was forced to cancel my tripI am currently suffering from minor heart problems but, following medical advice, my wife and I felt able to make a short trip to France. We booked a Ryanair flight to Carcassonne for £155 and hired a car through Ryanair for an additional £169. My condition changed and it became clear that making this trip would be unwise. I got in touch with Ryanair, which put me touch with the agency that handles their
  
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• Brexit: UK's financial situation just keeps getting worse and worse after Eu ... - Metro

  28-06-2016 07:39
  
  Metro
  Brexit: UK's financial situation just keeps getting worse and worse after Eu ...
  Metro
  International ratings agency Fitch has downgraded Britain's credit rating by one notch following the vote to leave the European Union. The move to AA from AA+ follows the decision earlier on Monday by Standard and Poor's to drop the country's sovereign ...
  S&P, Fitch downgrade UK credit rating after BrexitFinancial Expressalle 145 nieuwsartikelen »
  
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• Can the advertising industry sell us waste-free living?

  28-06-2016 06:00
  
  The founder of WWF’s Earth Hour, Andy Ridley, believes the creative industries are key to building support for the circular economy
  It was diving in the Great Barrier Reef in Australia that sparked Andy Ridley’s interest in environmental issues. Shocked at its state, he joined WWF and went on to launch Earth Hour in 2007, the huge climate change awareness campaign that sees buildings in 7,000 cities turn off their lights.Now, in his new role as CEO of Circular Economy, a Netherlands-
  
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• What Brexit means for your pensions, mortgages and money

  28-06-2016 05:28 via feedproxy.google.com
  
  BRITAIN'S historic vote to leave the European Union is set to have a big impact on household's everyday finances.
  
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• US interest in UK travel soars after Brexit - Financial Express

  28-06-2016 04:43
  
  Financial Express
  US interest in UK travel soars after Brexit
  Financial Express
  Several online travel sites have seen a jump in queries from Americans about travel to the United Kingdom since it voted to leave the European Union, a sign so-called "Brexit" and the resulting drop in the value of the pound currency may spur US visits ...en meer »
  
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• Volkswagen to pay owners hit by emissions scandal total of $15bn

  28-06-2016 01:07
  
  German automakers to pay 500,000 US diesel owners $5,000 each on average and a series of emissions settlementsVolkswagen’s settlement with nearly 500,000 US diesel owners and government regulators over polluting vehicles is valued at more than $15bn (£11.3bn) cash, a source briefed on the matter said on Monday.The settlement, to be announced on Tuesday in Washington, includes $10.03bn to offer buybacks to owners of about 475,000 polluting vehicles and nearly $5bn in funds to offset e
  
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• Trust in charities at record low after scandals

  28-06-2016 01:01
  
  Charity Commission says people are concerned about fundraising techniques and how charities spend their moneyPublic trust in charities in England and Wales has fallen to the lowest recorded level since monitoring began in 2005, in the wake of a series of high-profile scandals.Research for the Charity Commission found that people were increasingly concerned about how charities spend their money and perceived aggressive fundraising techniques. Continue reading...
  
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